How to record tax refund on dividend

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1

Hi all,

I’ve just started using this program and I’m not sure the best way to record a tax refund received along with a dividend.

Here in Australia, if a company has already paid tax on a dividend payment, then it is considered that you have paid that amount of tax yourself. If the company paid 30% tax but you only need to pay 20% tax, then you are entitled to a tax refund of 10%, for example.

How should this be recorded? I tried entering a negative value in the “Taxes” field in the dividend entry screen to record it as a tax refund but it gave me an error “Not a valid number”.

Any suggestions on how this should be recorded?

EDIT: Just realised there is a tax refund transaction type! I just needed to do some more clicking around apparently, I think that will do what I’m after!

2

See Dividends with Imputation Credits

and Anomalies Loading Payments by CSV · Issue #3380 · portfolio-performance/portfolio · GitHub

I will revisit the “franking discussion”

3

Thanks for the pointer, interesting discussion.

I decided to create a new cash account called “pending tax refunds” and enter the franking credit in there, separate to but with the same date as the dividend payment. That way I can see when the tax credits came in, but they aren’t credited directly to my transaction account so that can still balance with the actual bank statements.